MedProperties Holdings LLC, a healthcare real estate private equity firm headquartered in Dallas, and Caddis, also a healthcare real estate firm based in Dallas, have formed a joint venture to develop the 90-bed, 67,566-square-foot Destiny Springs Behavioral Health Hospital in Surprise, Ariz., about 20 miles northwest of Phoenix. This will be MedProperties’ seventh joint venture with Caddis and the 16th investment by the MedProperties Investment Partners Fund.

The build-to-suit hospital, which will provide both inpatient and outpatient treatment for adolescents, adults and geriatric patients, will be located on a 6.03-acre site. Destiny Springs Healthcare LLC, founded by Phoenix-based physician, Dr. Martin Newman, is preleasing 100 percent of the hospital on an“absolute net” basis for an initial 20-year term. The hospital is expected to be completed in fall 2018.